22 Cherokee Way · Rochester, NH 03867

$120,000

2 bd · 1.0 ba · 1,211 sqft · Manufactured public records · 194 Days on market

Built 1986 $99/sqft · 17% below area Est $144k · 17% under $900/mo HOA · 41% of rent

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +12.3/30.0
• 1% rule +10.0/10.0
• Livability +4.2/5.0
• DSCR +3.7/10.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Cocheco River Estates, a 55+ community located conveniently near the Spaulding Turnpike, and The Ridge Marketplace, where you can shop, dine, and go to medical facilities. This well maintained manufactured home has an open concept living/dining, and kitchen space, with a bedroom and bathroom at each end of the home. There is a separate laundry room, and have your morning coffee on either the front porch or the back covered deck. Enjoy the spacious yard for planting flowers or relaxing and keep all of your goodies in the storage shed. During the summer months, you can take a dip in the community in-ground pool and use the pool house for gatherings. Newer roof, water heater, added underbelly insulation, kitchen stove & dishwasher, and converted to propane improvements. Park fee includes: Underground utilities, Water, Septic, Trash, RV storage, mail building, community building with heated pool, includes an active function room with full kitchen, library, & gym. Home is easy to show.

Key facts

• Spacious yard
• Front porch
• Storage shed

Tags

• SEPARATE LAUNDRY ROOM
• FRONT PORCH
• BACK COVERED DECK
• SPACIOUS YARD
• STORAGE SHED
• COMMUNITY IN-GROUND POOL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $-21 ($-255/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (3.1% below list).
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 3.6% in Rochester — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 84/100 on livability (#8 in NH, #698 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities C-.
• Rochester School District (suburban): math 27% / reading 35% proficiency, ranked #83 of 98 in NH (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.2%/yr); 108 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 951 units permitted in Strafford County in 2024 (551 in 5+ unit buildings).
• This rent runs 34% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Strafford County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $120k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 41% of rent.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 194 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.84% ✓
• Cap rate: 6.08%
• Cash-on-cash: -0.76%
• DSCR: 0.97
• GRM: 4.5

CMA / ARV

• ARV (median comp): $144,000
• List price: $120,000
• Delta: -16.67%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 Cherokee Way	0.00mi	2/2.0	1,211 (0%)	0mo	$115,000	$95	96
5 Monadnock Dr	0.18mi	2/2.0	1,211 (0%)	1mo	$108,000	$89	86
32 Monadnock Dr	0.18mi	2/2.0	1,248 (+3%)	6mo	$120,000	$96	78
20 Seneca St	0.20mi	3/2.0 (+1)	1,188 (-2%)	1mo	$137,000	$115	78
44 Monadnock Dr	0.16mi	2/2.0	1,211 (0%)	17mo	$168,000	$139	75
19 Shiloh Dr	0.23mi	3/2.0 (+1)	1,296 (+7%)	8mo	$150,000	$116	62
49 Shiloh Dr	0.33mi	3/2.0 (+1)	1,296 (+7%)	6mo	$155,000	$120	59
35 Seneca St	0.20mi	3/2.0 (+1)	1,296 (+7%)	16mo	$180,000	$139	56
74 Seneca St	0.25mi	3/2.0 (+1)	1,378 (+14%)	2mo	$144,000	$104	55
14 Whispering Wind Ln	0.68mi	2/2.0	1,216 (+0%)	12mo	$166,000	$137	54
23 Monadnock Dr	0.17mi	3/2.0 (+1)	1,386 (+14%)	14mo	$225,000	$162	48
3 Whispering Wind Ln	0.65mi	3/1.0 (+1)	1,050 (-13%)	10mo	$149,000	$142	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.22% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.48×
• Total profit: $-17,454
• Equity at exit: $17,892

10-year hold

• IRR: -1.1%
• Equity multiple: 0.91×
• Total profit: $-2,959
• Equity at exit: $10,375

Cash invested: $33,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 56 Moderately Landlord-Leaning
• State New Hampshire: 56 Moderately Landlord-Leaning · D+1
• County: — inherits STATE
• City: — inherits STATE

Has just-cause statute; 30-day notice; landlord-leaning vs. neighbors.

Methodology + full state rankings →

ZIP-level market 03867

• Home prices YoY: -22.0%
• Rents YoY: 4.2%
• Active inventory: 108
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,204 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$183 /mo · $2,196/yr
• Insurance: −$50
• HOA: −$900
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $-21

Break-even live

Break-even rent $2,231

Max offer price $116,246

Occupancy floor 96%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36 Farmington Rd Rochester, NH	1.0–2.0	1.0	875	$2,300	$2.63	1d	1	0.29mi

HOA detail

• Monthly dues: $900 · $10,800/yr
• Likely covers: watertrashpoolgym

Listing history 12 events

1. 2026-05-04
   status Pending 1017-char remark

   Show marketing remark (1017 chars)

   Welcome to Cocheco River Estates, a 55+ community located conveniently near the Spaulding Turnpike, and The Ridge Marketplace, where you can shop, dine, and go to medical facilities. This well maintained manufactured home has an open concept living/dining, and kitchen space, with a bedroom and bathroom at each end of the home. There is a separate laundry room, and have your morning coffee on either the front porch or the back covered deck. Enjoy the spacious yard for planting flowers or relaxing and keep all of your goodies in the storage shed. During the summer months, you can take a dip in the community in-ground pool and use the pool house for gatherings. Newer roof, water heater, added underbelly insulation, kitchen stove & dishwasher, and converted to propane improvements. Park fee includes: Underground utilities, Water, Septic, Trash, RV storage, mail building, community building with heated pool, includes an active function room with full kitchen, library, & gym. Home is easy to show.

2. 2025-12-12
   price $120,000 1017-char remark

   Show marketing remark (1017 chars)

   Welcome to Cocheco River Estates, a 55+ community located conveniently near the Spaulding Turnpike, and The Ridge Marketplace, where you can shop, dine, and go to medical facilities. This well maintained manufactured home has an open concept living/dining, and kitchen space, with a bedroom and bathroom at each end of the home. There is a separate laundry room, and have your morning coffee on either the front porch or the back covered deck. Enjoy the spacious yard for planting flowers or relaxing and keep all of your goodies in the storage shed. During the summer months, you can take a dip in the community in-ground pool and use the pool house for gatherings. Newer roof, water heater, added underbelly insulation, kitchen stove & dishwasher, and converted to propane improvements. Park fee includes: Underground utilities, Water, Septic, Trash, RV storage, mail building, community building with heated pool, includes an active function room with full kitchen, library, & gym. Home is easy to show.

3. 2025-11-16
   price $130,000 1017-char remark

   Show marketing remark (1017 chars)

   Welcome to Cocheco River Estates, a 55+ community located conveniently near the Spaulding Turnpike, and The Ridge Marketplace, where you can shop, dine, and go to medical facilities. This well maintained manufactured home has an open concept living/dining, and kitchen space, with a bedroom and bathroom at each end of the home. There is a separate laundry room, and have your morning coffee on either the front porch or the back covered deck. Enjoy the spacious yard for planting flowers or relaxing and keep all of your goodies in the storage shed. During the summer months, you can take a dip in the community in-ground pool and use the pool house for gatherings. Newer roof, water heater, added underbelly insulation, kitchen stove & dishwasher, and converted to propane improvements. Park fee includes: Underground utilities, Water, Septic, Trash, RV storage, mail building, community building with heated pool, includes an active function room with full kitchen, library, & gym. Home is easy to show.

4. 2025-10-22
   listed $135,000 Active 1017-char remark

   Show marketing remark (1017 chars)

   Welcome to Cocheco River Estates, a 55+ community located conveniently near the Spaulding Turnpike, and The Ridge Marketplace, where you can shop, dine, and go to medical facilities. This well maintained manufactured home has an open concept living/dining, and kitchen space, with a bedroom and bathroom at each end of the home. There is a separate laundry room, and have your morning coffee on either the front porch or the back covered deck. Enjoy the spacious yard for planting flowers or relaxing and keep all of your goodies in the storage shed. During the summer months, you can take a dip in the community in-ground pool and use the pool house for gatherings. Newer roof, water heater, added underbelly insulation, kitchen stove & dishwasher, and converted to propane improvements. Park fee includes: Underground utilities, Water, Septic, Trash, RV storage, mail building, community building with heated pool, includes an active function room with full kitchen, library, & gym. Home is easy to show.

5. 2025-09-21
   price $138,000
6. 2018-04-03
   soldstatus $44,900 Closed
7. 2018-03-29
   soldstatus $111,000
8. 2018-03-21
   status Pending
9. 2018-02-28
   listed $44,900 Active
10. 2014-08-06
    soldstatus $23,900
11. 2014-01-13
    listed $25,900
12. 1999-10-08
    soldstatus $48,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NH · Partial reset (capped growth)

• Current annual tax: $2,196 · $183/mo
• Projected year-2 tax: $2,406 · $200/mo
• Expected delta: +$210/yr (+$18/mo · 9.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $26,446
• − Mortgage interest: −$6,722
• − Property taxes: −$2,196
• − Insurance: −$600
• − Repairs & maintenance: −$2,116
• − Management: −$2,116
• − HOA: −$10,800
• − Depreciation: −$3,491
• Taxable loss: −$1,594
• Est. tax savings @ 24.0%: +$383
• After-tax cash flow: $128/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Rochester School District
• NCES district ID: 3305940
• Math proficiency: 27% ▼ -15.00%
• Reading proficiency: 35% ▼ -14.00%
• Median HH income: $51,080
• Composite: 27.11/100
• National rank: #7039
• State rank: #83 of 98 in NH

Livability — Rochester

• Score: 84/100
• State rank: #8
• US rank: #698

Category grades

Amenities C- Commute A+ Cost of living A+ Crime A+ Employment B+ Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, NH
• County: Strafford County · 75,181 people
• City population: 22,732
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 22,732
• Household income: $78,674
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 663.0

Population outlook (Strafford County) Hauer SSP2

• Today (2025): 132,503 people
• By 2030: 135,377 · +2.2%
• By 2040: 139,609 · +5.4%
• By 2050: 141,803 · +7.0%
• By 2075: 149,280 · +12.7%
• By 2100: 148,667 · +12.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Asian 1%
• Common ancestry: Lithuanian 12% Romanian 2% Serbian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Strafford

• 2024 margin: D (+12.1) · D 55.5% · R 43.5% · Other 1.0%
• 2008→2024 swing: -8.3pp toward R · 2008: 20.4pp · 2024: 12.1pp
• All cycles: 2024: D+12.1 2020: D+15.2 2016: D+8.6 2012: D+14.5 2008: D+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.34%
• Current HPI: 379.5755
• Rent YoY: ▲ 4.22%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: —
• F500 in state: 0

Price history

+150.0% since first listed

12 events — show timeline

• 2026-05-04 Pending — PrimeMLS
• 2025-12-12 Price Changed $120,000 PrimeMLS
• 2025-11-16 Price Changed $130,000 PrimeMLS
• 2025-10-22 Listed $135,000 PrimeMLS
• 2025-09-21 Price Changed $138,000 PrimeMLS
• 2018-04-03 Sold (MLS) $44,900 PrimeMLS
• 2018-03-29 Sold (Public Records) $111,000 Public Records
• 2018-03-21 Pending — PrimeMLS
• 2018-02-28 Listed $44,900 PrimeMLS
• 2014-08-06 Sold (MLS) $23,900 PrimeMLS
• 2014-01-13 Listed $25,900 PrimeMLS
• 1999-10-08 Sold (Public Records) $48,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $2,196 · +7.2% YoY. Source: county tax records.